Clayton, Law Firm To Help Servicers With CFPB Exams

Posted by Orb Staff on February 14, 2013 No Comments
Categories : FYI

Shelton, Conn.-based Clayton Holdings LLC and Detroit-based law firm Maddin, Hauser, Wartell, Roth & Heller P.C. have announced a strategic partnership to offer readiness assessments for mortgage servicers to prepare for upcoming Consumer Financial Protection Bureau (CFPB) examinations.

As part of this partnership, Clayton and Maddin Hauser have created a group that combines regulatory and operational expertise to help servicers prepare for the examinations. The group will be able to assess a servicer's compliance with federal consumer protection laws through loan-level file reviews, management interviews, work observations, and policy, procedure and documentation reviews. Furthermore, the group will use the assessment to help servicers prepare for CFPB examinations by evaluating and improving operational deficiencies that have been identified in their servicing platforms prior to the imposition of fines or other enforcement actions.

The group will also identify systemic problems in order to improve servicer performance over and above CFPB minimum requirements, and it will monitor changes in either the letter or interpretation of the law and advise clients to ensure compliance in a rapidly evolving environment.

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